Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $23,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 2,450 Outstanding checks 1,107 Additionally, a $48 check written and recorded by the company correctly was recorded by the bank as a $84 deduction. The adjusted cash balance per the bank records should be:

The adjusted cash balance per the bank records should be: $24,740.

Explanation:

The correct Cash balance can only be verified using a Bank Reconciliation Statement.

Thus prepare a Bank Reconciliation Statement to extract the updated Cash Book Balance.

Bank Reconciliation Statement

Note : The Bank Statement amount has to be adjusted for an overstatement of $36.

Balance as per updated Cash Book (Balancing figure)     $24,740

Add Unpresented Cheques                                                      $1,107

Less Lodgements not yet credited                                        ($2,450)

Balance as per Bank Statement ($23,361 + $36)                 $23,397

Conclusion :

The adjusted cash balance per the bank records should be: $24,740.

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answer///supply is elastic, and demand is inelastic;